Re: Trustees Accountability

Posted by Nigel Foster on September 15, 2000 at 02:57:43:

In Reply to: Re: Trustees Accountability posted by Pete Warren on September 11, 2000 at 07:39:50:

Hi all. The Trustees in the June 2000 leaflet "It's your Pension" state one of their responsibilities to be the "safekeeping of the assets of The Plan". "The Plan" must surely mean one of (that is, each individually) C, N or M Plans as the singular is used, so the C-Plan assets must be protected as C-Plan assets, as must M-Plan assets be protected as M-Plan assets. Thus it would appear that the Trustees are neglecting their duties .... unless for for "Plan" they say they mean "Scheme" (to include all Plans - which is sophistry (but for completeness..)) in which case they are neglecting their duties "To act fairly towards all beneficiaries", as it cannot be fair to take funds from one set of beneficiaries to the exclusive advantage of another.

Thus it would appear to my simple mind that the Trustees are failing in at least one of their duties as defined by a publication from IBM UK Pensions Trust Limited.

Petard Hoist own by their? (re-arrange to suit)

Should we be writing to each Trustee to make this point? They do each have a personal responsibility and therefore a personal liability in this matter. I am sure they must be acting in good faith as the same document states that they must. A reminder may however be appropriate.